Slide 1: Q2 2024 Financial Results
NASDAQ: MRVI Q2 2024 Financial Results August 7, 2024
Slide 2: Agenda
Agenda 01 Welcome Deb Hart, Head of Investor Relations 02 Business Highlights Trey Martin, Chief Executive Officer 03 Financial Results Kevin Herde, Chief Financial Officer & Guidance 04 Q&A Session Trey Martin, Chief Executive Officer Kevin Herde, Chief Financial Officer Drew Burch, President, Nucl
Slide 3: Forward Looking Statements and Use of Non-GAAP Financial Measures
Forward Looking Statements and Use of Non-GAAP Financial Measures This presentation contains, and our officers and representatives may, from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Slide 4: Business Highlights
Q2 2024 Business Highlights Trey Martin Chief Executive Officer 4 © 2024 Maravai LifeSciences
Slide 5: Q2 2024 Results
Q2 2024 Results • NAP revenue ADJUSTED EPS1 REVENUE ADJUSTED EBITDA1 of $58 M $73 M $17 M $0.00 per share • BST revenue of $15 M 1. Reconciliation provided on pages 28-30 5 © 2024 Maravai LifeSciences
Slide 6: Great Financial Position to Fund Long-term Growth Strategy
Great Financial Position to Fund Long-term Growth Strategy CASH LONG-TERM DEBT NET CASH $573 M $530 M $43 M 6 © 2024 Maravai LifeSciences
Slide 7: Flanders 1 Adds Significant GMP Scale and Mitigates Operational Risk
Flanders 1 Adds Significant GMP Scale and Mitigates Operational Risk Completed first CleanCap M6 engineering run Completed environmental monitoring process qualification Initiated process validation batches of M6 Received ISO 9001 Certification 7 © 2024 Maravai LifeSciences
Slide 8: Flanders 2 Positioned to Provide cGMP Phase II and Phase III mRNA Services
Flanders 2 Positioned to Provide cGMP Phase II and Phase III mRNA Services Completed first mRNA engineering run Started environmental monitoring process qualification 8 © 2024 Maravai LifeSciences
Slide 9: Nucleic Acid Production New Product Introductions
Nucleic Acid Production New Product Introductions Catalog mRNA Custom Chemistry New NTP launch: IVT Enzymes Products A, C, G, and U rNTPs (RUO and GMP) 9 © 2024 Maravai LifeSciences
Slide 10: Nucleic Acid Production Building Portfolio Strength to Support mRNA Developers
Nucleic Acid Production Building Portfolio Strength to Support mRNA Developers CleanCap® technology Launched Q2 2024 CleanCap AG CleanCap AG 3’OMe CleanCap AU CleanCap M6 RUO & GMP RUO & GMP RUO & GMP RUO & GMP (avail. Q3 2024) IVT Reaction: mRNA synthesis Modified NTPs and Wild Type NTPs N1-methylp
Slide 11: Glen Research Creating Opportunities in Oligo Synthesis
Glen Research Creating Opportunities in Oligo Synthesis Trusted Serinol Nucleic Acids (SNA) Resource for • Expands line of Serinol based reagents Oligosynthesis: • Expands DNA & RNA backbone options Volume 36.1 • Resistant to nucleases Tris Borate Buffer (TBE) Unlocking Growth • Expands buffer offer
Slide 12: Ongoing Partnerships to Bolster Market Leadership
Ongoing Partnerships to Bolster Market Leadership 12 © 2024 Maravai LifeSciences
Slide 13: Biologics Safety Testing New Product Introductions
Biologics Safety Testing New Product Introductions F1025 – C1 F1065 – Protein L F1060 - BL21(DE3) Mix-N-Go ELISA Kit HCP ELISA Kit HCP ELISA Kit 13 © 2024 Maravai LifeSciences
Slide 14: Biologic Safety Testing New Product Highlights
Biologic Safety Testing New Product Highlights Protein L Affinity Ligand • Used for affinity purification of next generation mAbs: ⎯ Bi-Specific Antibodies ⎯ Tri-Specific Antibodies ⎯ Fragment Antigen Binding Antibodies • Binds kappa Light Chains of monoclonal antibodies Kit Highlights • Cygnus’ Mix
Slide 15: Zero Major Observations in Recent ISO Audits
Zero Major Observations in Recent ISO Audits 15 © 2024 Maravai LifeSciences
Slide 16: 2023 ESG Report Highlights
2023 ESG Report Highlights Environmental Product Health and Transparency Innovation Safety Increased the scope of our Our portfolio includes over The safety of our people is Green House Gas (GHG) 3,000 products designed to central to our success. We work emissions reporting to support lifechanging h
Slide 17: Financial Results
Q2 2024 Financial Results Kevin Herde Chief Financial Officer 17 © 2024 Maravai LifeSciences
Slide 18: Financial Overview
Financial Overview • GAAP Net Loss of $14 M1 Q2 REVENUE $73 M • Adjusted EBITDA of $17 M2 • Adjusted EBITDA Margin of 23% Trailing 12-month Adjusted EBITDA margin was 21% on $279 million of revenues 1. GAAP net loss prior to amounts attributable to non-controlling interests 2. Adjusted EBITDA reconc
Slide 19: 4Q23 to 2Q24 Adjusted EBITDA Margin
4Q23 to 2Q24 Adjusted EBITDA Margin -4.7% 27.7% -2.7% 1.5% 23.0% -2.0% -1.5% 4Q23 Product mix, Flanders Incremental R&D Cost savings 2Q24 Adj EBITDA BST decline, facility costs investments and actions Adj EBITDA and lower BST Johns Hopkins absorption collaboration costs 19 © 2024 Maravai LifeScience
Slide 20: Basic, Diluted and Adjusted EPS
Basic, Diluted and Adjusted EPS Loss Per Share ($)1,2,3 $0.02 $0.00 $0.00 -$0.02 -$0.04 -$0.06 ($0.05) ($0.05) -$0.08 -$0.10 Basic EPS Diluted EPS Adjusted EPS 1. Basic EPS (GAAP) equals Net Income (loss) attributable to our Class A shares divided by the weighted average Class A shares 2. In periods
Slide 21: Q2 2024 balance sheet, cash flow and financial highlights
Q2 2024 balance sheet, cash flow and financial highlights Long-Term Cash Net Cash1 Gross Debt $573 M $530 M $43 M Cash Provided by Operations Fully Diluted $17 M in Q2 Net Interest Stock-based Shares Expense Compensation Outstanding2 $5 M $14 M 254 M 1. Based on Cash less long-term debt 2. The fully
Slide 22: Q2 Business Segment Financials
Q2 Business Segment Financials Nucleic Acid Production ($M) Biologics Safety Testing ($M) REVENUE REVENUE $58 M $15 M • 80% of total Maravai revenue • 20% of total Maravai revenue • $21 M of Adjusted EBITDA • $9 M of Adjusted EBITDA 22 © 2024 Maravai LifeSciences
Slide 23: 2024 Financial Guidance
2024 Financial Guidance 2024 REVENUE 2024 ADJUSTED $265 to EBITDA MARGIN1 $285 M 20% - 22% Other 2024 Guidance Assumptions • Interest expense, net of interest income, between $20 million and $25 million; • Depreciation and amortization between $45 million and $50 million; • Stock-based compensation,
Slide 24: Closing Commentary
Q2 2024 Closing Commentary Trey Martin Chief Executive Officer 24 © 2024 Maravai LifeSciences
Slide 25: In Closing – Solid H1 2024 and Executing on Our Return to Growth Strategy
In Closing – Solid H1 2024 and Executing on Our Return to Growth Strategy z Ongoing process and product Bolstered our market position Strong balance sheet and building innovations that further extend through industry and academic a strong foundation for long-term, our market leadership and partnersh
Slide 26: Q&A
Q&A 26 © 2024 Maravai LifeSciences
Slide 27: Thank you
Thank you maravdali LifeSciences
Slide 28: Non-GAAP reconciliations
Non-GAAP reconciliations Net Loss to Adjusted EBITDA This presentation contains financial measures that have not been calculated in accordance with accounting principles generally Three Months Ended Six Months Ended accepted in the U.S. (GAAP). These non-GAAP measures include: In thousands June 30,
Slide 29: Non-GAAP reconciliations
Non-GAAP reconciliations Adjusted Net (Loss) Income and Adjusted Fully Diluted (Loss) Earnings Per Share Three Months Ended Six Months Ended These non-GAAP measures are supplemental measures of In thousands, except per share amounts operating performance that are not prepared in accordance with June
Slide 30: Explanatory notes to reconciliations
Explanatory notes to reconciliations (1) Refers to the change in estimated fair value of contingent consideration related to completed acquisitions. (2) Refers to incremental costs incurred to execute and integrate completed acquisitions, and retention payments in connection with these acquisitions.